Everything you wanted to know about Grayscale BTC Trust but were afraid to ask!

[Daltonik]

Grayscale Investments and TIME magazine confirm cooperation in the field of cryptocurrency content so TIME joins Tesla to keep bitcoin on its balance sheet, no further information about the partnership with TIME was received. https://twitter.com/Sonnenshein/status/1381662798585946112

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[Daltonik]

Against the background of the growth in the value of bitcoin, the accumulation in bitcoin Grayscale continues to increase, which has grown since the last update, according to the report, by $1.6 billion and reached the amount of $47.7 billion.

                               

[galestorm]

A very detailed post on grayscale. I was curious at first, simce they claim to be the first investment vehicle of its kind to report financials regularly to the U.S. Securities and Exchange Commission (SEC). The Grayscale Bitcoin Trust offers investors the opportunity to gain exposure to the leading cryptocurrency via an open-ended private trust that holds in excess of 649,130 BTC as of Feb 2021 – equating to almost 3.1% of bitcoin’s current circulating supply. GBTC stock has posted gains far in excess of the S&P 500's in 2020. However, it is now well off its highs for the year. Investors should study the stock market and wait for it to pass its latest buy point.

[fillippone]

Against the background of the growth in the value of bitcoin, the accumulation in bitcoin Grayscale continues to increase
<snip>

NO! Please be more attentive to important details.
Grayscale has not been accumulating any bitcoin recently:


The increase in AUM, measured in USD, is due only to BTCUSD appreciation. AUM measured in bitcoin is stable, or actually decreasing because of their management fees.

[Charles-Tim]

Grayscale Assets under management (AUM) is now worth over $50 billion.

https://twitter.com/Grayscale/status/1382434970304712712?s=20

Grayscale tops $50 billion: ‘Will soon pass world’s largest commodity ETF’. Grayscale continues to grow, passing $50 billion. That’s equivalent to the world’s second-largest commodity ETF. Major United States asset manager Grayscale has just surpassed $50 billion in cryptocurrency assets under management for the first time. Grayscale’s AUM is creeping ever closer to the $57-billion holdings of the largest commodity ETF. The company has plans to convert into an ETF when regulations allow. If the ETF had been approved already, Grayscale would be the second-largest commodity ETF behind SPDR Gold Shares. GLD is a physically backed gold exchange-traded fund with listings on stock exchanges in the U.S., Mexico, Singapore, Japan and Hong Kong.

[fillippone]

Grayscale Assets under management (AUM) is now worth over $50 billion.
<....>

Again, I find these announcement pretty annoying.
Their AUM is growing not because they are collecting new funds, so vaguely relatable to some merit by them. Their AUM is now growing only because Bitcoin is growing.
Which merit they can have for this?
So if they have no merits for this, why sending out those blatant press releases?

[Charles-Tim]

Again, I find these announcement pretty annoying.
Their AUM is growing not because they are collecting new funds, so vaguely relatable to some merit by them. Their AUM is now growing only because Bitcoin is growing.
Which merit they can have for this?
So if they have no merits for this, why sending out those blatant press releases?

You are right, Grayscale is not having inflow for now as they are not accepting people to invest which is there normal routine or something. But, as bitcoin is increasing in price, the AUM will also increase, the recent increase is truly due to what you commented, but I think it should be added as the AUM is estimated in dollars. What I think is wrong is that it should be added to the news article that the increase is due to the the cryptocurrencies used for the trust funds which are increasing in price. But there can be many mistake in news. I even wanted to add it, but I already saw it in your post just above mine to avoid repetition.

So if they have no merits for this, why sending out those blatant press releases?

Pretty much to promote their company, but the praise to the value of bitcoin and other altcoins used as trust funds that is increasing. Bitcoin and those other crypto valuation is a big progress for Grayscale.

[Charles-Tim]

<...>

This thread is solely about Grayscale, any other thing not related to it will eventually be deleted. This is just a correction, if you want to provide service or need people to work for you, you can create new thread on service board.

[Daltonik]

Financial Corporation Rothschild Investment has increased its position in the Grayscale Bitcoin Trust (GBTC) and acquired shares of the trust based on Ethereum. This is stated in the application filed by the company for the US SEC  https://www.sec.gov/edgar/search/#/q=bitcoin&dateRange=custom&entityName=Rothschild&startdt=2021-04-15&enddt=2021-04-15 

Thus, the corporation now owns 38,346 shares of GBTC. In January 2021, there were 30,454 of them. The application also indicates a position on the Grayscale Ethereum Trust — 265,302 shares.

[Husires]

Does anyone know why Grayscale have too many altcoins trust and not have dogecoin trust or any good altcoin trust? them choose of altcoins was strange they add some random unknown altcoins and ignore some good one that may bring interset to invest or have long term road map . i mean why add Zcash, filecoin, Ethereum classic, liverpeer, horizen and not some good altcoins

[fillippone]

Does anyone know why Grayscale have too many altcoins trust and not have dogecoin trust or any good altcoin trust? them choose of altcoins was strange they add some random unknown altcoins and ignore some good one that may bring interset to invest or have long term road map . i mean why add Zcash, filecoin, Ethereum classic, liverpeer, horizen and not some good altcoins

I have to check, but I think they have rules for the market cap and liquidity to be necessarily met for a coin to be considered for inclusion.
 Then there is a sort of marketing decision to pick the right coin amongst the ones that were previously selected.
I fear that Dogecoin doesn't pass the cut in this second round, due to the "meme" nature of their price movements.

Not so sure why they selected shitcoins like FIL thou...

<...>

Very nice.
I wanted to update the Holder part on the spreadsheet, but I have been lazy.
Following your post, I finally decided to update it (that requires a little bit of manual work and a collaboration of a spy with the right sources).

Here the complete update btw:



You can check the whole list on the spreadsheet


You will see there are many other notable variations besides Rothschild Investment.

[moderator's note: consecutive posts merged]

[DaRude]

Grayscale Assets under management (AUM) is now worth over $50 billion.
<....>

Again, I find these announcement pretty annoying.
Their AUM is growing not because they are collecting new funds, so vaguely relatable to some merit by them. Their AUM is now growing only because Bitcoin is growing.
Which merit they can have for this?
So if they have no merits for this, why sending out those blatant press releases?

Yep all of these "news" articles about GBTC AUM can be replaced by: (BTC/share) * (outstanding shares) * (BTC price)
BTC/share = is a known 0,00094462 (and drops 2%/yearly due to fees)
outstanding shares = 692.370.100 (no new shares are currently issued and they cannot be redeemed)
so the only unknown is the BTC price. Input current BTC price and all these AUM articles become useless

[mcun2000]

You can check the whole list on the spreadsheet


You will see there are many other notable variations besides Rothschild Investment.

[moderator's note: consecutive posts merged]

Love the worksheet. Thanks for the work and contribution. Much appreciated.

[fauzan123]

Not so sure why they selected shitcoins like FIL thou...

I think, Grayscale may continue to keep an eye out on Filecoin is because of the nature of the protocol namely, that data is becoming the most valuable commodity in tech today.

The end goal of this project is to provide a cheaper and more efficient method by which to store sensitive files. The idea builds on top of the major Web3 movement, a movement whose philosophy is to undercut big tech’s overwhelming control over user data to give back data ownership to the people.

[DaRude]

Grayscale Assets under management (AUM) is now worth over $50 billion.
<....>

Again, I find these announcement pretty annoying.
Their AUM is growing not because they are collecting new funds, so vaguely relatable to some merit by them. Their AUM is now growing only because Bitcoin is growing.
Which merit they can have for this?
So if they have no merits for this, why sending out those blatant press releases?

Yep all of these "news" articles about GBTC AUM can be replaced by: (BTC/share) * (outstanding shares) * (BTC price)
BTC/share = is a known 0,00094462 (and drops 2%/yearly due to fees)
outstanding shares = 692.370.100 (no new shares are currently issued and they cannot be redeemed)
so the only unknown is the BTC price. Input current BTC price and all these AUM articles become useless

And here we have the pinnacle of shitty journalism blogging
"Grayscale Adds $283.3 Million Of Bitcoin To GBTC"
https://bitcoinmagazine.com/markets/grayscale-adds-283-million-to-gbtc


In reality GBTC AUM grew by $283MM due to BTC price

[fillippone]

And here we have the pinnacle of shitty journalism blogging
"Grayscale Adds $283.3 Million Of Bitcoin To GBTC"
https://bitcoinmagazine.com/markets/grayscale-adds-283-million-to-gbtc


In reality GBTC AUM grew by $283MM due to BTC price

Oh, great, thanks for posting it, I could never have done that by myself.
I read that article half an hour ago, and I just wanted to kill myself.

There is a German word for the feeling for the embarrassment for what another person did: fremdschämen

[DaRude]

And here we have the pinnacle of shitty journalism blogging
"Grayscale Adds $283.3 Million Of Bitcoin To GBTC"
https://bitcoinmagazine.com/markets/grayscale-adds-283-million-to-gbtc


In reality GBTC AUM grew by $283MM due to BTC price

Oh, great, thanks for posting it, I could never have done that by myself.
I read that article half an hour ago, and I just wanted to kill myself.

There is a German word for the feeling for the embarrassment for what another person did: fremdschämen

https://en.wikipedia.org/wiki/Vicarious_embarrassment

Looks like they're watching us, in any case they made it a bit better now. GBTC has added to AUM by doing absolutely nothing, tomorrows news, GBTC lost X millions from AUM by once again letting it's underlying asset trade freely on the market...

Correction, April 22, 2021: This article originally stated that Grayscale had added $283.3 million in bitcoin to the Grayscale Bitcoin Investment Trust. It has been corrected to reflect that Grayscale added $283.3 million in assets under management.

[fillippone]

Today’s premium for sloppy reporting about grayscale goes to Bitcoinist’s San Lee:

GrayScale Bitcoin Trust (GBTC) Premium Tanks to -19% As More Competition Weighs In

For the past two months, Grayscale Bitcoin Trust (GBTC) has traded at a negative premium to the net asset value (NAV). GBTC historically traded at a high premium relative to the underlying, averaging a 15% premium since the fund’s inception. This was largely due to GBTC being the only investment vehicle easily accessible to institutional investors.

On Thursday, the trust saw its premium plummet to a new all-time low of -18.92%. With Canadian competitors rapidly taking up market share and U.S. ETFs just on the cusp of approval, institutional demand for Grayscale’s investment product seems to be drying up.

The point is a commentary to a graph by glassnode:

Interestingly enough, when Grayscale’s premium began to collapse in late February, the fund continued to decrease its holdings in what seems to be scheduled selling.

Dear Lord, no!

That is not scheduled selling, these are, as every reader of this thread know, the management fees of the fund, deducted daily through the multiplier we analysed many many times.

The funds decrease of the daily actual of 2% of their AUM in bitcoin: that is 35 daily BTC, meaning 110 BTC on Mondays.

[MusaMohamed]

In less than one month, total Bitcoin held is falling around 1000 BTC. It sounds as a big amount but for Grayscale the amount is only 0.15% of total Bitcoin they are holding.

Not a big deal. GrayScale in many months bought the amount of Bitcoin that is bigger than total Bitcoin was mined by miners each month.

Not a big deal. They will come back to buy all monthly mined Bitcoin.

[btc-room101]

In less than one month, total Bitcoin held is falling around 1000 BTC. It sounds as a big amount but for Grayscale the amount is only 0.15% of total Bitcoin they are holding.

Not a big deal. GrayScale in many months bought the amount of Bitcoin that is bigger than total Bitcoin was mined by miners each month.

Not a big deal. They will come back to buy all monthly mined Bitcoin.

HODL??

What happened to what is good for thee, is good for me?

Aren't we all told to HODL? Isn't the 1st commandment from 'lord NSA-Satoshi'?? It's on the tablet "Thou shall HODL"


Yet, here we have the first real BTC-ETF and you tell us they're selling? Selling BTC?? Unheard of

Sounds like BTC-ETF graybeard were the lucky pirates to sell out at the the ATH

How can they call themselves "BTC-ETF', if they don't 110% HODL forever?

Not a big deal. GrayScale in many months bought the amount of Bitcoin that is bigger than total Bitcoin was mined by miners each month.

Isn't this  the big argument on whales, that they can make these huge moves, so say you had a whale, with a months worth of all mined BTC on earth, and just easy-peasy dumped at on the market as it wished, wouldn't it create enormous volatility, what if the same whale bought futures? and/or calls & puts? What if your were an insider and knew ahead? What if you were a front-runner and knew the king-whales next move? Remember soon we will have USA BITCOIN ETF's and then things will get super engineered, to take USD from 'weak-hands'


Seems like bitcoin scammers have taken common robbery to even higher levels.

Not a big deal? Say what? To sell Bitcoin, is to Hate Bitcoin; To hate bitcoin is to hate God
This is 'HATE' so say the pump&pump bots here 24/7

All know that these ETF's have a time-loss value, so say HODL this crap and you can only lose money, but the entire point of these 'vehicles' is so you can 'trade' without using a exchange, and they automatically collect taxes for the GOV.

Ya'll lose money, but at least it doesn't get stolen as like on an exchange. Here at least you can file a complaint with the SEC, unlike the exchange, you can't call anybody, well except that exchange that doesn't answer the phone.

The irony is if this fund actually believed in BTC, they would HODL, the fact that they sell out to 'clear' their fee's shows they prefer FIAT over Bullshit Cryptos. That they only play the Crypto game to recycle fools money. Churn on Garth, and remember the house keeps all.

[moderator's note: consecutive posts merged]